Intel hits strong results despite weak market

CHIPMAKER Intel revealed bumper first-quarter results yesterday, despite saying it had experienced faltering consumer markets in North America and western Europe.

“There’s no doubt the consumer market is a little weaker than I would personally like,” UK managing director Graham Palmer told City A.M.

The development comes in Intel’s first trading update since the VAT hike in Britain.

Palmer added: “The fourth-quarter in the UK was a little weak and that really continues through into this quarter.”
The world’s largest microchip manufacturer revealed a 25 per cent increase in revenues compared to the same time a year earlier of $12.8bn (£7.8bn), beating estimates.

Intel’s first-quarter net income was $3.2bn, up 29 per cent on the same period last year. Analysts had expected first quarter revenue of $11.6bn.

The manufacturer also pointed to the strength of its new product line, including its new Sandy Bridge chip.